A general model for time-resolved two-photon photoemission from solids is presented comprising both collective and single-electron dynamics. In combination with interferometric time-resolved two-photon photoemission, this allows one to determine the shape of the collective response function across the excitation spectrum and the single-particle lifetime of excited electrons. Ag nanoparticles supported on graphite exhibit a strong collective resonance and serve as model system to demonstrate experimentally this separation of collective and single-particle dynamics in two-photon photoemission.